This is not happening here, in that case - I did this - set engine to C4D's Physical, add a C4D material and place it on a cube, run the Corona Convert Scene, and the resulting Corona Physical Material has Opacity unchecked (so it is not being used, and the object is not transparent), and even if Opacity is checked, the object remains solid as the Opacity Level is 100%.
In order to know more about what is happening, can you break down the steps you are following, let us know which version of Corona and C4D you are using, and best yet send in a scene in the unconverted state so that we can do the conversion here and see what happens (sharing some screen grabs of your material pre and post conversion would also help). Thanks!